FHEQ vs. HELO

Last updated Jun 24, 2026

FHEQ (Fidelity Hedged Equity ETF) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while HELO is a Options Trading fund actively managed by JPMorgan. Both are actively managed. Over the past year, FHEQ returned 17.16% vs 8.94% for HELO. Their correlation of 0.89 suggests significant overlap in exposure. FHEQ charges 0.48%/yr vs 0.50%/yr for HELO.

Performance

FHEQ vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHEQ achieves a 6.23% return, which is significantly higher than HELO's 1.30% return.

FHEQ

• 1D: -1.15%
• 1M: -1.23%
• YTD: 6.23%
• 6M: 5.31%
• 1Y: 17.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HELO

• 1D: -0.66%
• 1M: -0.78%
• YTD: 1.30%
• 6M: 0.62%
• 1Y: 8.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FHEQ vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	6.23%	13.34%	11.10%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.30%	7.82%	12.31%

Correlation

The correlation between FHEQ and HELO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.89

The correlation between FHEQ and HELO has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

FHEQ vs. HELO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FHEQ

FHEQ Risk / Return Rank: 52
FHEQ Sharpe Ratio Rank: 54
FHEQ Sortino Ratio Rank: 53
FHEQ Omega Ratio Rank: 52
FHEQ Calmar Ratio Rank: 47
FHEQ Martin Ratio Rank: 53

HELO

HELO Risk / Return Rank: 40
HELO Sharpe Ratio Rank: 41
HELO Sortino Ratio Rank: 40
HELO Omega Ratio Rank: 44
HELO Calmar Ratio Rank: 32
HELO Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FHEQ vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FHEQ	HELO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.40	+0.33
Sortino ratio: Return per unit of downside risk	2.41	1.98	+0.43
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	2.22	1.56	+0.66
Martin ratio: Return relative to average drawdown	8.65	6.81	+1.84

FHEQ vs. HELO - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.73, which is comparable to the HELO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FHEQ and HELO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FHEQ vs. HELO - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, roughly equal to the maximum HELO drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for FHEQ and HELO.

Drawdown Indicators

	FHEQ	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-10.89%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-5.76%	-2.01%
Current Drawdown Current decline from peak	-2.84%	-1.26%	-1.58%
Average Drawdown Average peak-to-trough decline	-1.83%	-1.18%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.32%	+0.67%

Volatility

FHEQ vs. HELO - Volatility Comparison

Fidelity Hedged Equity ETF (FHEQ) has a higher volatility of 4.02% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 1.85%. This indicates that FHEQ's price experiences larger fluctuations and is considered to be riskier than HELO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	1.85%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	5.10%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	6.40%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	7.98%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.57%	7.98%	+2.59%

FHEQ vs. HELO - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is lower than HELO's 0.50% expense ratio.

Dividends

FHEQ vs. HELO - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.55%, less than HELO's 0.63% yield.

Position	TTM	2025	2024	2023
FHEQ Fidelity Hedged Equity ETF	0.55%	0.63%	0.50%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.63%	0.67%	0.60%	0.19%

Frequently Asked Questions

Can I hold both FHEQ and HELO in my portfolio?

FHEQ and HELO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHEQ or HELO?

FHEQ has higher volatility (4.02%) compared to HELO (1.85%). In terms of maximum drawdown, FHEQ dropped -11.12% vs HELO's -10.89%.

Which ETF is better, FHEQ or HELO?

On 1-year performance, FHEQ leads with 17.16% vs 8.94% for HELO. On fees, FHEQ is cheaper at 0.48% per year. On volatility, HELO has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHEQ or HELO?

Over the 1-year period, FHEQ has performed better with a 17.16% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or HELO?

FHEQ is cheaper with a 0.48% expense ratio, compared with 0.50% for HELO.

Which ETF pays a higher dividend yield, FHEQ or HELO?

HELO has the higher dividend yield at 0.63%, compared with 0.55% for FHEQ.

What is the main difference between FHEQ and HELO?

FHEQ is categorized as Equity Hedged, while HELO is Options Trading. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.48% for FHEQ and 0.50% for HELO.

Which has better risk-adjusted returns?

FHEQ currently has the higher Sharpe Ratio (1.73 vs 1.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.